The Nigerian Senate has stated that the early passage of the 2025 budget hinges on the diligence of the Executive branch. Senate Chairman Sani Musa emphasized the necessity for the submission of the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) prior to the budget presentation. This statement comes in light of President Bola Ahmed Tinubu's recent budgetary activities, where the 2024 budget was presented on November 29, 2023, passed on December 30, 2023, and signed into law on January 1, 2024 [519eb724].
In a related development, Rivers State has approved its own MTEF for 2025 to 2027, with a projected budget exceeding N800 billion. Governor Sim Fubara highlighted the importance of this framework in guiding fiscal planning amidst global economic challenges, including conflicts and fluctuating oil prices. The Rivers State government aims to create an expansionary budget that enhances government services and supports economic growth [795e82e8].
The Senate's call for timely submission of the MTEF and FSP aligns with the broader national economic strategy, which includes ongoing reforms aimed at improving Nigeria's economic landscape. Musa expressed optimism regarding these reforms and noted a decreasing debt-to-GDP ratio, indicating a potential for improved fiscal health in the coming years [519eb724].
Additionally, the federal government has been investing in the creative and digital economy, with Cross River State recently securing a $671 million investment fund to bolster its creative industry. This initiative aims to support local entrepreneurs and retain talent within Nigeria, complementing the federal government's disbursement of a second batch of the $3.2 million Creative Fund to support projects in the film industry [89ffb601][76057007].